Fourth Quarter and Fiscal 2018 Earnings Call

January 10, 2019

 Fourth Quarter and Fiscal 2018 Earnings

Today’s presenters:
Chip Bottone
President and Chief Executive Officer

Mike Bishop
Senior Vice President and Chief Financial Officer

Tom Gelston
Vice President, Investor Relations

NASDAQ: FCEL www.fuelcellenergy.com

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 Safe Harbor Statement
This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements
regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its fuel cell
technology and business plans. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ
materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and
order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in
the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in
critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to
achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange
Commission (SEC). The forward-looking statements contained herein speak only as of the date of this presentation. The Company
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change
in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
The Company may refer to non-GAAP financial measures in this presentation. The Company believes that this information is useful to
understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to the Company’s
earnings release for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term “GAAP” refers to
generally accepted accounting principles in the U.S.)
The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the
fiscal year ended October 31, 2018, filed with the SEC on January 10, 2019 and our earnings release for the fourth quarter ended October 31, 2018, filed as an
exhibit to our Current Report on Form 8-K filed with the SEC on January 10, 2019.
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 Highlights
• Backlog and Awards at record $2.0 billion
– 83.1 megawatts of projects in process
– 29.6 megawatts moved into backlog from the project awards category
• First of three LIPA projects now under PPA
• Connecticut DEEP awards for 22.2 megawatts under PPA

• Project finance loan agreement provides debt

financing for project construction
– $100 million facility, potential for up to $300 million longer term

• Bridgeport fuel cell park acquisition

– Expected to add $150+ million in generation revenue to backlog
– 50%+ EBITDA margin
– Permanent project finance being finalized

• Commercialization of new solutions 14.9 Megawatt Bridgeport Fuel Cell Park

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 Financial Overview

Q4 2018 | Revenue: $ 17.9 million | Total cash: $ 80.2mm (Unrestricted: $39.3mm)

Backlog & Awards Project Assets Project Financing Activity

- Generate Capital: New $100+ Facility
$2.0 Billion $99.6 Million - ($10mm initial funding on Bolthouse Project)
Long-term Cash Flows
11.2 MW Operating - NRG: $5.8 million of funding on Tulare project
83.1 MW In-Process - CT Green Bank: Groton, Bridgeport, Triangle St.

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 Activity

• Global Market Update Tri-generation

SureSource™ Fuel Cell

• Distributed Hydrogen
– Southern California paving the way for our solution
• Toyota Long Beach, Coyote Canyon, $3.8mm award

• Carbon Capture
– Focus expanded to Power Generation and Industrial applications globally
– ExxonMobil relationship expected to expand, DoE Phase 1 complete

• Solid Oxide Fuel Cell Update

– Common fuel cell stack for power generation and long duration storage
– FCE positioned in sub MW market with superior performance/cost profile
200 kW Solid Oxide Fuel Cell,
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NRG Energy Center Pittsburgh
 Summary

• Major step forward with construction finance facility

• Backlog and project awards are a record $2.0 billion
• Business execution and operational improvements
• Continue to build off significant momentum in 2018

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 Summary

APPENDIX

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 Building Sustainable Profitability
<---Construction / Commercial Operation Timing (Fiscal Year)--->

MW

Building Sustainable Recurring Cash Flow MWs on Balance Sheet

• 11.2 MW existing generation generates ~$7 - $8 million per year in
revenue
• 14.9 MW Bridgeport fuel cell park would materially accelerate plan
• 83.1 MW under construction would contribute ~$70 - $80 million per
year in additional revenue
• Approximately 60 MW in generation portfolio drives sustainable
EBITDA profitability and cash flow of entire Company 9
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